For Buyers

Mortgage Rates Remain at Historic Lows

Mortgage Rates Remain at Historic Lows | Keeping Current Matters

The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Mortgage Rates Remain at Historic Lows | Keeping Current Matters

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Sean Becketti, Chief Economist for Freddie Mac recently explained:

“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.

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Americans Rank Real Estate #1 Long Term Investment

Americans Rank Real Estate #1 Long Term Investment | Keeping Current Matters

The Gallup organization recently released a survey in which Americans were asked to rank what they considered to be the “best long term investment.” Real estate ranked number one, with 35% of those surveyed saying it was a better long term investment than stocks & mutual funds, gold, savings accounts or bonds.

Here is the breakdown:

 

Americans Rank Real Estate #1 Long Term Investment | Keeping Current Matters

The survey revealed that real estate was the number one choice among each of the following groups:

  • Men
  • Women
  • People between the ages of 18-29
  • People between the ages of 30-49
  • People between the ages of 50-64
  • People 65 and older
  • People with annual earnings of less than $30,000
  • People with annual earnings between $30,000 and $74,999
  • People with annual earnings of over $75,000
  • People with a college degree
  • People without a college degree

Even stock investors ranked real estate number one. According to the report:

“With housing prices showing a steadier path upward in recent months, even stock investors are about as likely…to choose real estate (37%) as stocks (32%) as the best long-term investment.”

This Friday, we will be posting an infographic showing additional findings revealed in the report.

You Can Save for a Down Payment Faster Than You Think!

You Can Save for a Down Payment Faster Than You Think | Keeping Current Matters

In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.

Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.

According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years. Below is a map created using the data for each state:

You Can Save for a Down Payment Faster Than You Think | Keeping Current Matters

What if you only needed to save 3%?

What if you were able to take advantage of one of the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.

You Can Save for a Down Payment Faster Than You Think | Keeping Current Matters

Bottom Line

Whether you have just started to save for a down payment, or have been for years, you may be closer to your dream home than you think! Meet with us at Triple Crown Realty-Keller Williams, Guy & Joi McKinney your professional Realtors® who can help you evaluate your ability to buy today.

WHAT WAS THE GOOD NEWS IN FEBRUARY?

Bryan 2- Jeff

Sales of houses priced at $1 million or more rose more than 12% in the year 2015 in the Dallas-Fort Worth area, according to the Texas Association of Realtors.  The rate of increase in luxury home sales in the D-FW area was about twice the overall growth of preowned home purchases.  Last year’s million-dollar-home sales rise in North Texas follows a 15% increase in 2014.  The D-FW area had 1,088 luxury home sales during the first 10 months of 2015.  The median price of luxury homes sold in North Texas was $1.4 million – the highest of any of the state’s major markets.


New York City and Dallas-Fort Worth were the two fastest growing commercial construction markets in 2015.  Among the largest commercial building markets, New York City construction start volumes rose by 66 percent in 2015 from 2014 levels.  And in the D-FW area construction of commercial buildings and apartments increased by 35 percent last year from the year before, according to a new report by Dodge Data & Analytics.

D-FW ranked third for total building volume with $6 billion in new project starts, behind New York with $34.9 billion in new construction and Miami at $6.3 billion.


 

The Mortgage Bankers Association most recently released information showed that the delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 4.77 percent of all loans.  This is the lowest level since the third quarter of 2006.


 

More than 4,000 jobs were added at Alliance Texas in far north Fort Worth in 2015, bringing the development’s employment numbers above 45,000, a new report shows.  Since it started with the opening of Alliance Airport in 1989, Hillwood Properties’ 18,000-acre mixed-used development has generated $59.69 billion in economic impact to North Texas, including $4.32 billion last year, according to an annual report presented to the City Council.  2015 was a big year for Alliance in terms of new projects, including groundbreaking on the $1 billion Facebook data center and Walmart.com’s announcement for another e-commerce center at Alliance Center North II, Hillwood said.  Facebook bought 110 acres from Hillwood earlier in 2015. But by mid-December it added another 39 acres for a possible expansion beyond the planned 750,000 square feet of data center space already on the drawing board.

Home Prices Up 5.76% Across The Country! [INFOGRAPHIC]

FHFA-Home-Prices-STM-670x1024

Friday March 4th, 2016 For Buyers, For Sellers, Infographics, Pricing

  • The Federal Housing Finance Agency (FHFA) recently released their latestQuarterly Home Price Index report.
  • In the report, home prices are compared both regionally and by state.
  • Based on the latest numbers, waiting to move may end up costing you more!

Homeownership Finally Makes Political Debate

American-Dream-Homeownership

See whole article: English or Espanol Version Available

Finally, the issue of homeownership has become a platform talking point in this year’s presidential debate. Yesterday, one of the candidates running for President spoke out about the importance of homeownership in America.

Hillary Clinton……Click here to continue

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Thinking of Buying a Home? 3 Questions Every Buyer Should Answer First

Thinking of Buying a Home? 3 Questions Every Buyer Should Answer First | Keeping Current Matters

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Answering the following 3 questions will help you determine if now is actually a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.

What does that mean to you?

Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait till next year. Your down payment will need to be higher as well to account for the higher home price.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately three-quarters of a percent over the next twelve months as you can see in the chart below:

Mortgage Rate Projections | Keeping Current Matters

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.